Marshall Field III (September 28, 1893 – November 8, 1956) was an American investment banker, publisher, racehorse owner/breeder, philanthropist, grandson of businessman Marshall Field, heir to the Marshall Field department store fortune, and a leading financial supporter and founding board member of Saul Alinsky's community organizing network Industrial Areas Foundation.[1][2]
Marshall Field III | |
|---|---|
Marshall Field in 1919 | |
| Born | September 28, 1893 Chicago, Illinois, US |
| Died | November 8, 1956 (aged 63) New York City, US |
| Education | Eton College & Cambridge University |
| Occupation(s) | Investment banker, Publisher: Newspaper, magazine, books Racehorse owner/breeder Philanthropist |
| Known for | Founder: Chicago Sun & Parade magazine |
| Political party | Republican |
| Spouses |
|
| Children | From Evelyn
From Ruth
|
| Parent(s) | Marshall Field II Albertine Huck |
| Relatives | Henry Field (brother) Gwendolyn Mary Field (sister) Marshall Field (grandfather) Ethel Field (aunt) Edgar Uihlein (cousin) |
Early life
editBorn in Chicago, Cook County, Illinois, he was the son of Albertine Huck, daughter of German businessman Louis Carl Huck, and Marshall Field II. He was raised primarily in England, where he was educated at Eton College and the University of Cambridge.
During a westbound Atlantic crossing aboard the RMS Lusitania in September 1914, Field became enamoured with fellow passenger Evelyn Marshall, and proposed to her before the liner's arrival in New York, less than a week after sailing from England.[3]
In 1917, he joined the 1st Illinois Cavalry and served with the 122nd Field Artillery in France during World War I. He built an estate in 1925.
Early career
editOn his discharge after the war, Field returned to Chicago where he went to work as a bond salesman at Lee, Higginson & Co. After learning the business, he left to open his own investment business. A director of Guaranty Trust Co. of New York City, he eventually teamed up with Charles F. Glore and Pierce C. Ward to create the investment banking firm of Marshall Field, Glore, Ward & Co. In 1926, Field left the firm to pursue other interests.
Already a recipient of substantial money from the estate of his grandfather Marshall Field, on his 50th birthday he inherited the bulk of the remainder of the family fortune.[4][5] His brother, Henry Field, who was to have shared in the fortune, had died in 1917.[6]
Publishing industry
editHe was primarily a publisher, and in late 1941 he founded the Chicago Sun, which later became the Chicago Sun-Times. The primary investor in the newspaper PM, he eventually bought out the other investors to become the publisher. He also created Parade as a weekly magazine supplement for his own paper and for others in the United States. By 1946, Parade had achieved a circulation of 3.5 million.
In 1944, Marshall Field III formed the private holding company Field Enterprises.[7] That same year, he purchased Simon & Schuster and Pocket Books. After his death, his heirs sold the company back to its founders, Richard L. Simon and M. Lincoln Schuster, while Leon Shimkin and James M. Jacobson acquired Pocket Books.
Thoroughbred racing
editA polo player, Field invested heavily in Thoroughbred racehorses in the United States and in Great Britain. Among his successful British horses were three fillies, who won the Irish Oaks, Golden Corn, who won England's Middle Park Stakes and Champagne Stakes in 1921 and the July Cup in 1923. In the United States, Nimba was the 1927 American Champion Three-Year-Old Filly, and Tintagel won the 1935 Futurity Stakes and was voted American Champion Two-Year-Old Colt.
In 1926, one year after his estate was built, Marshall Field partnered with Robert A. Fairbairn, William Woodward Sr., and Arthur B. Hancock to import Sir Gallahad III from France to stand at stud in the United States. One of their horses, named Assignation, born in 1930, was the great-great grandfather of Secretariat.[9]
The Marshall Field III Estate is a mansion built in 1925 on Long Island Sound which was designed by architect John Russell Pope. It was built on the grounds of a 1,400-acre (5.7 km2) estate, now called Caumsett State Historic Park Preserve, which he purchased in 1921.[10] It is a New York State Historic Site.[10]
Philanthropy
editField supported a number of charitable institutions and in 1940 created the Field Foundation. He personally served as president of the Child Welfare League of America. He also donated substantial funds to support the New York Philharmonic and served as its president.[citation needed] In 1941 Field was the president (or the chairman—sources differ) of the United States Committee for the Care of European Children.[11][12]
Death and family
editField died in 1956 of brain cancer. His widow and third wife, Ruth Pruyn Field, who had previously been married to sportsman Ogden Phipps, died on January 25, 1994, at 86.[13] They had two daughters, Phyllis Field and Fiona Field.
By his first wife, Evelyn Marshall (the daughter of Charles Henry Marshall), he had daughters Barbara Field and Bettina Field and son Marshall Field IV. By his second wife, of whom he was the second husband, Audrey Evelyn James, whom he married on August 18, 1930, and divorced in Reno, Washoe County, Nevada, in 1934, he left no issue.
References
edit- ^ IAF: 50 Years Organizing for Change, p. 7.
- ^ Horwitt, Let Them Call Me Rebel, pp. 102-103.
- ^ Earlier Voyages, Gare Maritime
- ^ "Business: Field from Glore". Time. 8 July 1935. Retrieved 23 January 2016.
- ^ "The Press: Marshall Field at Work". Time. 27 September 1943. Retrieved 23 January 2016.
- ^ "Henry Field Dies In Hospital Here. Grandson of the Late Marshall Field Suffers Relapse After an Operation. His Bride At Bedside. Had Been Active in Management of the Chicago Store Founded by His Grandfather" (PDF). New York Times. 9 July 1917. Retrieved 7 August 2015.
Henry Field, grandson of the late Marshall Fleld of Chicago, died yesterday morning at the Presbyterian Hospital, following an operation. He had been ill for several weeks, and was operated upon an Thursday by Dr. Adrian Lambert. It
- ^ "Owns The Chicago Sun: Field Enterprises, Inc., Organized By Marshall Field," The New York Times, 1 September 1944, page 22.
- ^ "Horseracing History Online - Person Profile : Marshal Field". www.horseracinghistory.co.uk. Archived from the original on 7 November 2007.
- ^ "Secretariat Thoroughbred". www.allbreedpedigree.com.
- ^ a b Kennedy, Karen Morey (5 January 1979). "National Register of Historic Places Inventory/Nomination: Marshall Field, III, Estate (Caumsett) / Caumsett State Park". Retrieved 28 February 2008. and Accompanying 16 photos, exterior and interior, from 1975 and 1976
- ^ "132 child refugees due". The New York Times. 21 June 1941. p. 9. Retrieved 29 February 2024 – via Times Machine.
- ^ "119 child refugees here from Lisbon". The New York Times. 22 June 1941. p. 19. Retrieved 29 February 2024 – via Times Machine.
- ^ "Ruth Pruyn Field, 86; Promoted Civic Causes". The New York Times. 28 January 1994. Retrieved 23 January 2016.
Further reading
edit- Becker, Stephen. Marshall Field III; a biography (1964) Simon & Schuster
- Madsen, Axel. The Marshall Fields: The Evolution of an American Business Dynasty (2002) Wiley ISBN 0-471-02493-7
- Marshall Field brief bio at the U.K. National Horseracing Museum
- University of Illinois, Department of English - May, 1917 International Socialist Review article by Carl Sandburg titled "Will Marshall Field III. Enlist?"
- Illinois National Guard article on Marshal Field IIIs service in WWI
- Marshal Field III and the Caumsett State Historic Park
- Harvard Business School – 20th Century Great American Business Leaders
- The Field Foundation
- Simon & Schuster and Pocket Books are sold to Marshall Field III